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Chinese industrial profits dropped sharply in November, official data showed on Saturday, falling 4.2 per cent from a year earlier, the biggest annual decline since August 2012.

PHOTO: BLOOMBERG

[SHANGHAI] Chinese industrial profits dropped sharply in November, official data showed on Saturday, falling 4.2 per cent from a year earlier, the biggest annual decline since August 2012.

In October, profits slid 2.1 per cent compared with the same month in 2013.

For the January-November period, profits are still up 5.3 per cent from a year earlier, although they have been eroded by the two straight months of slides.

The report from the National Bureau of Statistics highlights the depth of economic weakness that prompted the central bank to make a surprise cut to guidance lending rates in late November, as regulators previewed rising signs of deflationary pressure and slackening demand.